Mahindra & Mahindra Ltd. agreed to buy Italian car designer Pininfarina SpA in a deal worth about 168 million euros ($185 million), underscoring the Indian vehicle maker’s international ambitions.
Mahindra, together with affiliate Tech Mahindra Ltd., will buy a 76 percent stake from holding company Pincar for 25.3 million euros, or the equivalent of 1.10 euros a share, the Mumbai-based company said Monday in a statement. The Indian company will offer the same price for the remaining stock, which closed Friday almost four times higher at 4.20 euros. The stock plunged 69 percent to 1.31 euros.
